Which 1973–1974 crisis ended with the Dow Jones Industrial Average down about 45% from its January 1973 peak?

The 1973–1974 stock-market crash ended with the Dow Jones Industrial Average down about 45% from its January 1973 peak.

The bear market unfolded amid the 1973 oil crisis, high inflation, recession, and political uncertainty linked to the Watergate scandal. The Dow peaked on January 11, 1973, and reached its low on December 6, 1974, losing about 45% over that period.

The oil shock began after Arab members of OPEC imposed an embargo on countries seen as supporting Israel during the Yom Kippur War. Energy prices rose sharply, creating pressure on businesses and consumers while inflation reduced purchasing power. The United States also experienced recession during the downturn.

This event is sometimes called the 1973–1974 bear market rather than a single-day crash. Unlike Black Monday in 1987, it was a prolonged decline lasting nearly two years. Its causes combined commodity disruption, inflation, weak growth, and loss of political confidence.